TD Securities Has Lowered Expectations for Priority Technology (NASDAQ:PRTH) Stock Price

Priority Technology (NASDAQ:PRTH) had its price objective reduced by investment analysts at TD Securities from $10.00 to $9.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Securities’ price target points to a potential upside of 80.00% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Keefe, Bruyette & Woods downgraded Priority Technology from a “moderate buy” rating to a “hold” rating and lowered their target price for the company from $9.00 to $6.00 in a research report on Tuesday, November 11th. Wall Street Zen upgraded Priority Technology from a “hold” rating to a “buy” rating in a research report on Saturday, February 28th. TD Cowen decreased their price objective on Priority Technology from $10.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday. Zacks Research raised Priority Technology from a “strong sell” rating to a “hold” rating in a research report on Wednesday, January 7th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Priority Technology in a research note on Monday, December 29th. Three equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $8.75.

Priority Technology Trading Down 4.0%

PRTH opened at $5.00 on Wednesday. The firm’s 50 day simple moving average is $5.64 and its two-hundred day simple moving average is $6.26. The company has a market capitalization of $409.35 million, a PE ratio of 7.25 and a beta of 1.39. Priority Technology has a 1-year low of $4.44 and a 1-year high of $8.89.

Priority Technology (NASDAQ:PRTH) last issued its quarterly earnings data on Tuesday, March 10th. The company reported $0.27 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.02). The business had revenue of $247.13 million for the quarter, compared to the consensus estimate of $247.92 million. Priority Technology had a net margin of 5.84% and a negative return on equity of 66.50%. Equities analysts forecast that Priority Technology will post -0.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Priority Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Steamboat Capital Partners LLC lifted its position in shares of Priority Technology by 13.5% in the fourth quarter. Steamboat Capital Partners LLC now owns 1,576,734 shares of the company’s stock valued at $8,593,000 after acquiring an additional 187,893 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Priority Technology by 13.9% during the third quarter. Vanguard Group Inc. now owns 1,487,948 shares of the company’s stock worth $10,222,000 after purchasing an additional 181,795 shares in the last quarter. Wells Fargo & Company MN raised its stake in Priority Technology by 1,912.7% during the 4th quarter. Wells Fargo & Company MN now owns 711,136 shares of the company’s stock valued at $3,876,000 after purchasing an additional 675,803 shares during the period. Geode Capital Management LLC lifted its holdings in Priority Technology by 8.8% in the 4th quarter. Geode Capital Management LLC now owns 660,518 shares of the company’s stock worth $3,601,000 after purchasing an additional 53,317 shares in the last quarter. Finally, Norwood Investment Partners LP purchased a new position in Priority Technology in the 4th quarter worth approximately $3,433,000. 11.52% of the stock is owned by institutional investors.

Priority Technology Company Profile

Priority Technology Acquisition Corp is a special purpose acquisition company formed to effect a merger, capital stock exchange, asset acquisition, stock purchase, recapitalization or similar business combination with one or more businesses in the technology sector. As a blank-check company, it does not conduct any operations of its own and holds the proceeds from its initial public offering in a trust account pending the identification and completion of a business combination.

The company’s management team is focused on evaluating target businesses that offer scalable technology products or services, including software, digital platforms and related infrastructure.